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Stock Alert: GAIL, Tata Consumer Products, Torrent Power, Macrotech Developers, Indus Towers, Zaggle Prepaid

Citi has maintained a “buy” call on GAIL, setting a target price of Rs 250. In Q1 results, the company saw a strong performance driven by transmission and trading, with notable gains in gas transmission volumes and margins. Gas trading also performed well, though the petchem and LPG segments fell short of expectations.

Hot stocks: Brokerage view on GAIL, IOCL, Macrotech Developers and Tata Consumer

Realty firm Macrotech Developers on Tuesday reported a 2.7-fold jump in its consolidated net profit to Rs 475.3 crore for the June 2024 quarter on higher income.

Macrotech Developers Q1 results: Profit jumps to Rs 475 cr on higher income

Net profit of the real estate developer increased to Rs 476 crore for the quarter-ended June 30, 2024.

Macrotech Developers Q1 Results: Profit Rises 165% But Misses Estimates

Macrotech Developers, known as Lodha, achieved its best first-quarter pre-sales of Rs 4,030 crore, marking a 20% year-on-year increase. The company’s net profit surged by 186% to Rs 480 crore, and revenue grew by 76%. Three new projects were added in Mumbai and Pune, fulfilling over half of its development targets.

Lodha records best-ever Q1 pre-sales of Rs 4,030 cr, adds Rs 11,000 cr projects

Macrotech Developers consolidated net profit rises 166.42% in the June 2024 quarter

Sensex, Nifty updates on 24 July 2024 - Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 24 July 2024 - Indian benchmark indices trade rangebound with weak bias on Wednesday, influenced by a tax hike on equity trading. At 12.25 p.m., the BSE Sensex fell 567.36 points to 79,861.68, while the NSE Nifty dropped 135.05 points to 24,344. Despite recovering from intraday lows on Tuesday, the Nifty 50 needs a decisive break above 24,650 for a bullish outlook, and the Nifty Bank index faces significant resistance around 52,800-53,000. Realty stocks such as Sobha, Prestige Estate Projects, DLF, Brigade Enterprises, and Macrotech Developers are at critical levels. Emkay Global maintains a favourable stance on FMCG and two-wheelers, while Nuvama Asset Management’s Nikhil Ranka notes potential pressure on defense and railway stocks. Geojit’s VK Vijayakumar suggests focusing on FMCG stocks like ITC and United Spirits for superior returns amid tax hikes on capital gains. He highlights the Budget’s emphasis on growth and financial stability, viewing fiscal consolidation and discouraging excessive F&O speculation as positives. Meanwhile, Asian shares dropped, and foreign investors net sold shares worth ₹2,975 crore on Tuesday.

Share Market Highlights 24 July 2024: Equity tax hike drags down Indian markets; focus shifts to FMCG and two-wheeler

Stock Market Today | Share Market Live Updates - Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 24 July 2024 - Indian benchmark indices trade rangebound with weak bias on Wednesday, influenced by a tax hike on equity trading. At 12.25 p.m., the BSE Sensex fell 567.36 points to 79,861.68, while the NSE Nifty dropped 135.05 points to 24,344. Despite recovering from intraday lows on Tuesday, the Nifty 50 needs a decisive break above 24,650 for a bullish outlook, and the Nifty Bank index faces significant resistance around 52,800-53,000. Realty stocks such as Sobha, Prestige Estate Projects, DLF, Brigade Enterprises, and Macrotech Developers are at critical levels. Emkay Global maintains a favourable stance on FMCG and two-wheelers, while Nuvama Asset Management’s Nikhil Ranka notes potential pressure on defense and railway stocks. Geojit’s VK Vijayakumar suggests focusing on FMCG stocks like ITC and United Spirits for superior returns amid tax hikes on capital gains. He highlights the Budget’s emphasis on growth and financial stability, viewing fiscal consolidation and discouraging excessive F&O speculation as positives. Meanwhile, Asian shares dropped, and foreign investors net sold shares worth ₹2,975 crore on Tuesday.

Stock Market Live Updates 24 July 2024: Equity tax hike drags down Indian markets; focus shifts to FMCG and two-wheeler

Buzzing Stocks Today, Stocks that will see action today: July 15, 2024 - Tata Steel, Signature Global, Sunteck Realty, Macrotech Developers, IREDA, RVNL, PTC Industries, Apollo Micro Systems, Tata Power, Apollo Micro, Piramal Pharma, Alembic Pharma, Lupin,EMS, Shantai Industries

Stocks that will see action today: 15 July 2024

Bullish on housing demand, realty firm Macrotech Developers has acquired three land parcels in the Mumbai region and Pune during the April-June quarter to develop projects with a revenue potential of more than Rs 11,000 crore.

Macrotech acquires 3 land parcels during April-June quarter in Mumbai, Pune

Macrotech Developers registers 20 per cent growth in its sale bookings (pre-sales) to a record Rs 14,520 crore during 2023-24 as against Rs 12,060 crore in the previous year.

Macrotech Developers Q1 Sale Bookings Up 20% to Rs 4,030 Crore on Stronghousing Demand - News18

Hasn't fared well - amongst the low performers

Performance

Seems to be overvalued vs the market average

Valuation

Strong financials and growth story over the years

Growth

Showing good signs of profitability & efficiency

Profitability

The stock is overpriced but is not in the overbought zone

Current price is more than the intrinsic value

Fundamentals

Good time to consider, stock is not in the overbought zone

Technicals

Entry point

Promoter pledged holding

Unsolicited messages

Default probability

Red flags

Macrotech Developers is engaged in developing real estate across the residential and commercial sectors in the Mumbai, Pune and London.